Nexstar offers to buy Tribune Media; shakeup at Symantec; SoFi cuts

That’s about how much Nexstar offered Monday to buy Chicago’s Tribune Media, four months after the collapse of a similar bid from Sinclair Broadcast Group. The deal would make Nexstar, whose stations reach nearly 39 percent of all U.S. television households, the biggest operator of local TV stations in the U.S. It still must be approved by federal regulators, as well as shareholders. Tribune Media owns or operates 42 local TV stations that reach 50 million households, as well as national network WGN.

Markets closed Wednesday

Major U.S. stock markets will close Wednesday in honor of former President George H.W. Bush, who died Friday at age 94. The U.S. flag that flies above the New York Stock Exchange will be flown at half-staff in honor of the former president, and federal offices will also be closed.

Insurance company taken over

California regulators have moved to take over an insurance company that can’t pay out all claims following the Camp Fire in Butte County (above). Merced Property & Casualty Co. was pushed to insolvency by the fire that nearly destroyed Paradise and surrounding towns, state Insurance Commissioner Dave Jones said. People will still have their claims paid through the California Insurance Guarantee Association.

Shakeup at Symantec

Symantec CEO Greg Clark has embarked on a major shakeup of the Mountain View cybersecurity software maker. Chief Marketing Officer Michael Williams and Bradon Rogers, senior vice president of the company’s Go-to-Market teams, have left the company, according to a memo obtained by Bloomberg. Symantec has also announced that President and Chief Operating Officer Michael Fey had resigned.

SoFi cuts staff

Lending and refinancing startup SoFi is cutting about 7 percent of its staff, according to a person familiar with the matter. The 100 job cuts are happening in the company’s mortgage department, said the person, who asked not to be identified because the matter is private.